Miller Canfield Ranked No. 1 in Michigan, Top 30 Nationally in 2025 Bond Counsel Rankings
Miller Canfield is pleased to announce that it ranks first among Michigan bond counsel firms, eighth among firms in the Mideast region and 28th nationwide in the 2025 bond counsel rankings, based on data provided by London Stock Exchange Group (LSEG), formerly Refinitiv.
Miller Canfield served as bond counsel on 123 long-term new bond issues in 2025, totaling nearly $4.6 billion. In Michigan, the firm ranked first with 102 long-term new bond issues totaling more than $4.6 billion.
The firm also continued to expand its public finance work in Illinois, ranking third among Illinois disclosure counsel firms by par amount, based on nearly $2.5 billion in transactions. Miller Canfield also ranked second among Illinois disclosure counsel firms for negotiated long-term municipal new issues and tied for first for Illinois airport long-term municipal new issues.
Highlights of Miller Canfield’s public finance work in 2025 include:
- Served as bond counsel to the Michigan Finance Authority in connection with $576.7 million in hospital bonds issued to finance and refinance capital projects for Corewell Health and refund five prior bond series. The bonds were issued in four series and three interest rate modes. Miller Canfield drafted major bond documents, assisted with deal structure, handled tax analysis and diligence, and provided the approving opinion. The financing supports Corewell Health’s mission to provide health care to residents throughout western and southeastern Michigan.
- Served as co-bond counsel to the Michigan State Housing Development Authority in connection with $470 million in single-family mortgage revenue and general obligation bonds. The transaction involved the development of a new general obligation resolution and used two tax techniques specific to the single-family housing bond market to help ensure compliance with federal tax rules and volume cap restrictions. The financing created additional capacity for subsidized low-income housing loans throughout Michigan.
- Served as bond counsel to the Detroit Regional Convention Facility Authority in connection with $403 million in Convention Facility Special Tax Revenue Refunding Bonds. The financing refinanced bonds issued for the first phases of an improvement and expansion plan for Huntington Place convention center and an adjacent convention hotel. The transaction converted prior bonds issued through the State of Michigan into direct Authority bonds, eased prior covenants in recognition of the Authority’s strong financial history, and refinanced earlier-issued 2024 bonds from subordinate to senior status, lowering borrowing costs and maximizing the Authority’s capacity for future expansion.
- Served as bond counsel to Michigan State University in connection with $369.9 million in General Revenue Bonds issued to finance new construction and critical infrastructure projects and refinance existing debt for interest cost savings. Projects financed by the bonds include a new health sciences research facility in Detroit, part of MSU’s 30-year affiliation with Henry Ford Health, where the institutions will conduct coordinated biomedical research focused on improving health outcomes. Additional projects include a new Plant and Environmental Sciences building, a multicultural center, and a student recreation and wellness center.
- Served as bond counsel to the Detroit Public Lighting Authority in connection with the issuance of $129.45 in Revenue Refunding Bonds, which generated savings for the Authority while facilitating the release of $10 million in debt service reserve funds for the refunded bonds, which may now be used for various public lighting infrastructure projects through the City of Detroit in accordance with the City’s lighting plan.
- Served as lead disclosure counsel to the City of Chicago in connection with more than $2.55 billion in bonds issued for Chicago O’Hare International Airport. The proceeds funded portions of the City’s ongoing capital programs at O’Hare and refunded outstanding Passenger Facility Charge Revenue Bonds and General Airport Senior Lien Revenue Bonds. Miller Canfield drafted the preliminary and final official statements, including disclosure related to supply chain issues and Boeing safety and production issues affecting the airline industry and airport operations.
- Served as lead bond counsel to the Sales Tax Securitization Corporation of Chicago in connection with $842.9 million in bonds issued to refund certain outstanding City of Chicago general obligation bonds and repurchase and cancel certain outstanding City and Corporation bonds through a tender offer. Miller Canfield drafted the primary bond documents, reviewed offering documents and performed significant tax analysis to support the transaction structure.
Miller Canfield has been recognized as the top Michigan bond counsel in these rankings nearly every year for 31 years.
Miller Canfield has the largest dedicated municipal finance group in Michigan, with extensive experience in all areas of public finance, including capital projects and infrastructure improvements, public-private partnerships, economic development projects, government and regulatory affairs, environmental response projects, and state and federal tax. The firm’s public finance team represents issuers, underwriters, borrowers, banks, trustees and other market participants in financings throughout Michigan, Illinois and across the country.
